Nuvoco Vistas Faces Tax Dispute Over Input and Output Tax Liabilities, Proposed Demand Reaches Rs. 15.41 Crores
Nuvoco Vistas Corporation Limited is currently facing a tax dispute initiated by the Joint Commissioner, CGST, Durgapur Audit Commissionerate, West Bengal. The dispute centers on the proposed denial of input tax credit and the denial of reduction in output tax liability, pertaining to four financial years.The Chief Financial Officer (CFO) and management of Nuvoco Vistas stated that the company is preparing an appropriate reply to the Show Cause Notice issued by the tax authority.
The Show Cause Notice proposes the denial of input tax credit relating to several inputs, including civil construction, toll charges, and canteen services. Furthermore, the notice addresses the denial of reduction in output tax liability which arises from credit notes issued toward sales returns and post-sale discounts.
The proposed demand from the Joint Commissioner, CGST, Durgapur Audit Commissionerate, covers the period spanning FY 2020-21 to FY 2023-24.
Key details regarding the tax dispute are provided below:
| Aspect of Dispute | Details |
|---|---|
| Opposing Party | Joint Commissioner, CGST, Durgapur Audit Commissionerate, West Bengal |
| Period Covered | FY 2020-21 to FY 2023-24 |
| Subject of Dispute | Proposed denial of input tax credit and denial of reduction in output tax liability |
| Proposed Demand | Rs. 15.41 crores |
| Financial Impact Assessment | The company believes the matter will have no major financial impact upon resolution, citing sufficient documentary evidence. |
Nuvoco Vistas confirmed that it intends to file a comprehensive reply before the Joint Commissioner, CGST, Durgapur Audit Commissionerate, West Bengal. The company expressed confidence that the matter will be appropriately resolved upon consideration of its submissions and supporting records.
NUVOCO Stock Price Movement
As of 10:27 AM, shares of Nuvoco Vistas Corporation Limited are slipping slightly in live trading, having shed ₹0.25 or 0.08% and standing at ₹320.35. The stock is currently being traded on a volume of 19,467 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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